First set off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2017
which first can be set off
current year loss or brought forward loss against income.
current year loss or brought forward loss against income.
18 February 2017
First losses in the current year will be set off (Inter source and then Inter head adjustments).
If sufficient income remains. brought forward losses of previous years shall be set off.
If sufficient income remains. brought forward losses of previous years shall be set off.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2017
but brought forward loss first shall be adjusted because of limit of restricted for brought forward loss
18 February 2017
Suppose I have Chemical business (C1) and Paper business (P1).
C1 has loss Rs. 30000 and P1 has profit Rs.50000
I also have brought fwd loss in C1 Rs. 25000.
Now I must first set off current year C1 with P1. So current year business income becomes Rs.20000
Next I will set off b/f loss of C1 to the extent of Rs.20000. Balance will be carried fwd.
C1 has loss Rs. 30000 and P1 has profit Rs.50000
I also have brought fwd loss in C1 Rs. 25000.
Now I must first set off current year C1 with P1. So current year business income becomes Rs.20000
Next I will set off b/f loss of C1 to the extent of Rs.20000. Balance will be carried fwd.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
